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Fringe
benefits tax chapter tables |
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Fringe
benefits tax Detailed tables
and descriptions |
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Taxation
statistics - whole document |
A fringe benefit is,
generally speaking, a benefit provided in respect of employment. Fringe
benefits are provided to employees (or associates of the employees) in place
of, or in addition to, salary or wages. Benefits include any right, privilege,
service or facility - for example, the use of a car for private purposes.
Fringe benefits tax (FBT) is
the tax paid by employers on fringe benefits. The benefit does not have to be
provided directly by the employer for FBT to apply. FBT may still apply if the
benefit is provided by an associate of the employer or by a third party under
an arrangement with the employer or an associate of the employer.
Employees generally do not
pay income tax on the fringe benefits they receive. FBT is paid by employers,
irrespective of whether they are sole traders, partnerships, trusts,
corporations, unincorporated associations or government bodies, and
irrespective of whether they are liable to pay other taxes such as income tax.
The rate of FBT for the 2010-11 FBT year remained unchanged from the previous
year, at 46.5%.
Employers can generally
claim an income tax deduction for the cost of providing fringe benefits. FBT
paid by an employer may also be an allowable income tax deduction.
The FBT year runs from 1
April to 31 March, rather than from 1 July to 30 June as is the case for other
tax types. For example, the 2010-11 FBT year ran from 1 April 2010 to 31 March
2011. FBT returns must be lodged by 21 May each year, which is a shorter
lodgment period than for other tax types. These features of the FBT system
enable the reporting of FBT statistics that are one year ahead of the
statistics based on other income year return forms - for example, for personal
tax.
This chapter primarily
reports and discusses FBT statistics for the 2010-11 FBT year.
OVERVIEW
For the 2010-11
fringe benefits tax (FBT) year:
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